1978 (1) TMI 60

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....in the year 1944-45, a minor. He had been admitted to the benefits of a partnership firm, Messrs. Juggilal Kamlapat. This firm acted as managing agents of Messrs. J.K. Cotton Manufacturers Ltd. The company prematurely terminated the managing agency of the firm and paid Rs. 2,50,000 as compensation to the firm. The firm claimed this amount as a capital receipt for the loss of its income earning app....

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....he Appellate Assistant Commissioner as well as the Tribunal. At the instance of the assessee, the Tribunal has referred the following question of law for our opinion : "On the facts and circumstances of the case, whether the assessee was entitled for rebate on the payment of income-tax on the sum of Rs. 66,406 under the Notification No. 878-F, dated March 21, 1922, as amended by Notification No. ....